Steel Authority of India Ltd (SAIL) has informed BSE that the Company has, on June 30, 2008 signed a Memorandum of Understanding (MOU) with M/s. Shipping Corporation of India Ltd (SCI) to promote a Joint Venture Company (JVC) primarily to provide various shipping related services to SAIL for importing coking coal. The JVC may also participate in world wide dry bulk shipping trade. The JVC will own / operate / charter ships to offer competitive rates in shipping related business and set up economically feasible coastal transportation of coal from deep draft ports. While, SAIL and SCI each intend to hold 25% of the paid-up share capital of the proposed JVC, the remaining share capital will be held by other strategic partners, who are yet to be identified.